Transcat, Inc. acquired Axiom Test Equipment, Inc. for $38.6 million.
August 07, 2023
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Transcat, Inc. (NasdaqGM:TRNS) acquired Axiom Test Equipment, Inc. for $38.6 million on August 8, 2023. The consideration was paid for in combination of Transcat's common stock, valued at $28.6 million, or up to 315,403 shares of Common Stock, of which 43,583 Shares valued at approximately $3.9 million are subject to certain customary holdback provisions for certain potential post-closing adjustments and $10 million in cash. The existing staff and leadership team, led by current Axiom President Josh Shilts, will remain in place, and will continue to service customer needs.
Transcat, Inc. (NasdaqGM:TRNS) completed the acquisition of Axiom Test Equipment, Inc. on August 8, 2023.
Transcat, Inc. is a provider of accredited calibration services, cost control and optimization services, and distribution and rental of value-added professional grade handheld test, measurement, and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses. Through its Service segment, it offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services, a majority of which are processed through its asset management system, CalTrak, and its online customer portal, C3. It also provides permanent and periodic onsite services, mobile calibration services, pickup and delivery and in-house services. Through its Distribution segment, it sells and rents national and proprietary brand instruments to customers globally.